HMRC has published the first sections of its new partnership tax manual.

The manual is "primarily written for HMRC staff but customers and their professional advisers may also find it helpful" and it "is mainly focused on direct tax, particularly income and corporation tax, but it also provides an awareness of other tax obligations that you may come across when dealing with partnerships".

PM - Partnership Manual: main contents:

PM00100 About this manual

PM10000 Introduction to Partnerships and Partnership Taxation

PM20000 Self Assessment for Partnerships

PM30000 Calculating the taxable profits

PM40000 Mixed member partnerships and international aspects

PM50000 Limited Partnerships and Limited Liability Partnerships

PM60000 Indirect, Capital and Transfer Taxes and Other tax obligations

The Office of Tax Simplification (OTS) reviewed partnerships in 2013 and published an interim report in January 2014. The OTS has identified a number of quick fixes that can be made now to make things simpler for partnerships (such as providing free software for partnerships to file online), as well as several longer-term areas, which require further research but could create significant simplification for partnerships. These include allowing personal expenses to be claimed by partners, or even abolishing the need for the partnership return entirely for some businesses. One of its recommendations was that HMRC produce more guidance.

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